Research On The Application Of REITs In The Transformation Of Real Estate Enterprises To Light Assets

Undoubtedly,in the process of the gradual maturity of the real estate market,the impact of the industry on China's national economy can not be ignored.The real estate market has entered the stock market from the incremental market of prosperity and development.The tightening of real estate policy,the rise of land prices and the obvious homogenization of enterprises make the traditional real estate enterprises unable to adapt to the changes of the current market environment.A large number of traditional enterprises operating heavy assets have started to lack liquidity.In the absence of financing,the land reserve of enterprises is declining,and the expansion rate of new projects is not ideal.The decline of competitiveness makes these enterprises more difficult to get profits in the market.Under such unfavorable conditions,many housing enterprises choose strategic transformation of light assets.How to correctly formulate the development model of light assets suitable for the development of enterprises is a key to the realization of light assets transformation of enterprises.At present,many domestic enterprises will follow Vanke Group's light assets model,but for most domestic enterprises,its size and market influence can not match Vanke.Therefore,this paper puts forward the light assets transformation mode under REITs mode,hoping to provide a reference for most enterprises in light assets transformation.Real Estate Trust and Investment Fund(REITs)is a new financing tool and a financial tool in China.But its history in the world is relatively long,and has now matured.In order to enter the critical period of development,domestic REITs should know this kind of financing tool in advance,so that after the formal launch of public REITs,enterprises can quickly start to enjoy the benefits of REITs financing mode to enterprises as soon as possible: revitalizing real estate;expanding liquidity;reducing financing risk;improving property operation ability to And transformation of light assets and so on.From a market perspective,the promotion of REITs is of great benefit to the real estate market and the financial market.Using case analysis method,this paper first introduces two definitions of light assets operation mode and REITs from the theoretical and practical point of view.Then from the political,economic,social and technological aspects,the necessity of the transformation of traditional real estate enterprises is analyzed.Secondly,this paper makes a case study of Yuexiu Real Estate and Yuexiu REITs,analyses the reasons why Yuexiu Real Estate uses REITs to transform its light assets,and introduces how Yuexiu Real Estate forms Yuexiu's unique business model of "Land Development + Property Operation + Financial Withdrawal" in the interaction of "Two Platforms".Then,this paper uses the Balanced Scorecard to evaluate the performance of Yuexiu Real Estate's light assets.By analyzing the changes of the indicators before and after the implementation of Yuexiu REITs,this paper illustrates the positive impact of Yuexiu REITs on the transformation of Yuexiu Real Estate's light assets.This also enlightens the same type of real estate enterprises to formulate the light assets transformation model suitable for the development of enterprises in advance when the domestic public offering REITs pilot launch.